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Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are obtained. The advantage of large scale production and specialization is that they greatly increase output and productivity and there by brig done the cost of production per unit. Without adequate capital accumulation neither the scale of production can be neither increased nor greater specialization and division of labour in the production process is possible. Hence capital accumulation by increasing the scale of production and specialization increases the production and productivity in the economy and thereby promotes economy’s growth.
How has the haberler''s theory of opportunity cost been an improvement over the classical theory of trade
DETERMINATION OF FIXED EXCHANGE RATE: In the flexible exchange rate regime, exchange rates are highly volatile which leads to uncertainties in the international payments/trans
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
what is the relation ship between mp,tp,ap
A Competitive Short Run Supply Curve of Firm * Observations: - P = MR - MR = MC - P = MC * Supply is amount of output for every possible price. Thus: - If
characteristics of microeconomics
technological advance reduced the cost of computer chips . explain using the demand and supply diagrams , how the the following markkets are affected in terms of price and quantiti
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why is international trade important for south africa
A company a product using labor (L) and raw material (R) with Q = 80L^0.2 R^0.8. If labor costs $20 per hour and raw material $40 per unit, what is the optimal combination (least c
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